The global transfer of money is subject to international and regional laws and regulations. Due to current money laundering and anti-terrorism laws, international transfers of money into and out of certain countries must be prepared and checked carefully. De Micco & Friends advises and assists companies and private customers with making preparations for and carrying out international payment transactions across the world.
Breaches of laws on money laundering, embargoes and the seizure of payments
The civil and criminal consequences of breaches of international payment transfer regulations are serious. In many cases, unprepared payment orders may lead not just to an embargo or seizure of moneys, but even to criminal investigations against the sender and recipient of the payment. Unclear, unprepared or unauthorised payments will be blocked by the banks or even the central banks of the countries. If there is an embargo or seizure, then it can take months or even years for the money to be released again. It is therefore strongly recommended, if you are making or receiving payments to and from certain areas, such as Asia, the Near and Middle East, Russia, Ukraine, China, Africa, Iran, Iraq… that you always seek advice before making a transaction.
Our money transfer assistance services
De Micco & Friends are experts in international payment transfers. Our lawyers are trained and state-certified “compliance officers”, who will advise and assist you with any type of payment transfer and will ensure compliance with local and international regulations on money laundering and current banking laws across the world. We provide the following services related to preparing and carrying out international payments:
- Case studies and assessment
- Due diligence: Preparation of all the documentation required for banks and authorities
- Approaching and selecting the banks involved (sending and receiving banks)
- Presentation of the project and due diligence
- Negotiations about conditions (costs and fees)
- Paymaster or Escrow account (if required)
- Opening of bank accounts (if required)
- Representation of the client by proxy
- Carrying out the payments
Payment orders are only completed after all parties involved have given their agreement and confirmation.
Payments blocked or seized - what now?
A lack of explanation by the sender or recipient means that payments are being embargoed by banks or state institutions again and again. In many cases, parallel criminal investigations against all of the parties involved are being initiated. De Micco & Friends supports companies and private individuals in civil and criminal proceedings related to international money laundering. Please contact us, if you have been affected.
Time frames and fees
Each case is different and has to be assessed individually. Within Europe, it generally takes a week for payments to be prepared. Payments to and from countries outside of Europe may require up to three weeks depending on the country or region. The fee for consultancy services, preparing for and carrying out payment transactions is between 0.5 and 5% of the transaction total, depending on the total amount and the complexity of the transaction.
Exclusion of liability, legal note
With all international payment transactions, De Micco & Friends acts as and works as an advisor. De Micco & Friends is neither a bank nor is it a broker for means of finance or capital market instruments. De Micco & Friends acts as an advisor exclusively within the requirements of and the strictest compliance with international money laundering and anti-terrorism laws. The success of an international payment transfer is subject to the decision-making powers of various parties, institutions, statutory regulations and political situations, which may change at any time. Despite careful preparation, it is quite possible for banks or state institutions to refuse to send or receive payments. For this reason, any guarantee of a successful payment is excluded for all mandates.
Please contact us for further information.
Phone: +34 871 955 077 | eMail: office@demicco.es
